| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2173 |
| DP2173 The Market for Protection and the Origin of the State | |
| Kai Konrad; Stergios Skaperdas | |
| 发表日期 | 1999-06-28 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | This paper reviews the recent literature on monetary policy rules. We exposit the monetary policy design problem within a simple baseline theoretical framework. We then consider the implications of adding various real world complications. Among other things, we show that the optimal policy implicitly incorporates inflation targeting. We also characterize the gains from making credible commitments to fight inflation. In contrast to conventional wisdom, we show that gains from commitment may emerge even if the central bank is not trying to inadvisedly push output above its natural level. We also consider the implications of frictions such as imperfect information. |
| 主题 | International Macroeconomics |
| 关键词 | Credibility monetary policy New keynesian models Stabilization |
| URL | https://cepr.org/publications/dp2173 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531281 |
| 推荐引用方式 GB/T 7714 | Kai Konrad,Stergios Skaperdas. DP2173 The Market for Protection and the Origin of the State. 1999. |
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